Lundin Petroleum announce that its subsidiary, Lundin Norway AS (Lundin Norway), has completed the Neiden exploration well 7220/6-2R as an oil and gas discovery. The well is located in Block PL609, approximately 60 km northeast of the Alta discovery on the Loppa High, in the southern Barents Sea.

The main targets of the exploration well were to prove oil in Triassic sandstone and Permian carbonate reservoirs. The well encountered gross 31 m hydrocarbon column (gross), with 21 m of oil and 10 m of natural gas in the Permian target. The total gross resource estimate for the Neiden discovery is between 25-60 MMboe.

Extensive data acquisition and sampling was carried out including coring, logging and hydrocarbon recovery using wireline tools. Testing revealed a high-quality karst carbonate reservoir. The discovery reduces the risk of the Børselv prospect, located 15 km north and up dip from the Neiden discovery in PL609. The Børselv prospect is a candidate for drilling in 2017.

The semisubmersible drilling rig Leiv Eiriksson will now move to the Filicudi prospect in PL533 to the northwest of the Alta discovery and south of the Statoil operated Johan Castberg discovery. The Filicudi prospect is expected to contain Jurassic sandstone reservoir analogous to the Johan Castberg discovery. The Filicudi prospect is estimated to contain gross prospective resources of 258 MMboe.

Lundin Norway is the operator of both PL609 and PL533 and holds a 40% and 35% working interest in these respective licenses.

Source: www.worldoil.com